STATE RESERVE BANK
COMPLETE CONTROL NO CHANGE IN DIRECTORATE SUGGESTED NO DIFFICULTIES BEING EXPERIENCED (United Press Association) WELLINGTON, Tins Day, No surprises are likely to be contained in the Reserve Bank Amendment Bill which will appear in the House of Representatives early this session; The provisions of the Bill were discussed yesterday afternoon at a caucus of Government members and, according to the. Prime Minister, Hon. M. J. Savage, the main feature will be the transier of complete control of the bank .to the State. . The only proposal at present, Mr Savage continued, was to take over tile £500,000 private capital invested in the bank. There was no suggestion that the directorate should be changed and as far as the position of governor of the bank was concerned, the Prime Minister expressed the hope that Mr Leslie Lefeaux would continue to give the Government the benefit of his experience and ability. The bank was working with the Government, arid no difficulties at all were being experienced.
However, the Labour Party bad always held that there was no* place for private share capital in the bank and in bringing down an . amending Bill to make it purelv a State institution it was only fulfilling election pledge.
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Bibliographic details
Nelson Evening Mail, Volume LXX, 25 March 1936, Page 6
Word Count
205STATE RESERVE BANK Nelson Evening Mail, Volume LXX, 25 March 1936, Page 6
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